As always, we are mindful of our cash position. We did put an ATM in place back in May, a vehicle we have used in the past when the markets have not been very favorable.

as always we are mindful of our cash position we did put an atm in place back in may a vehicle we have used in the past when the markets have not been very favorable


As we continue to work together across functions, we are better able to ensure we have trend-right products where and when our customers want to buy them at a competitive price.

as we continue to work together across functions we are better able to ensure we have trend-right products where and when our customers want to buy them at a competitive price


and our retail bankers in the markets do an excellent job of preparing customers that are going to have to move


And you're right, there has been some other activity up there from some other operators. And the results we've seen thus far have been pretty encouraging for what we plan to do on our completions very near there.

and you're right there has been some other activity up there from some other operators and the results we've seen thus far have been pretty encouraging for what we plan to do on our completions very near there


As I mentioned, we continue to drive positive traffic and with the third quarter, we have now recorded positive traffic in 8 of the last 9 quarters.

as i mentioned we continue to drive positive traffic and with the third quarter we have now recorded positive traffic in 8 of the last 9 quarters


But maybe you guys could talk about what your plan more specifically at Vancouver is, some of the natural network efficiencies that you have maybe versus your competitor.

but maybe you guys could talk about what your plan more specifically at vancouver is some of the natural network efficiencies that you have maybe versus your competitor


Now the next one I would like to give that is the outlook and the environment we are in. Environment of chocolate markets we talked already a lot about.

now the next one i would like to give that is the outlook and the environment we are in environment of chocolate markets we talked already a lot about


and the willingness of Casdin to enter into a 1-year lockup on these shares underscores their long-term fundamental investment strategy. Now I'd like to turn the call back over to Mike.

and the willingness of casden to enter into a 1-year lockup on these shares underscores their long-term fundamental investment strategy now i'd like to turn the call back over to mike


or some other biologic material coming from the patient, whether it's allogeneic or autologous. All the way through to the transportation and administration of that dose or that therapy to the patient.

or some other biologic material coming from the patient whether it's allogeneic or autologous all the way through to the transportation and administration of that dose or that therapy to the patient


You've got to build some relationships on all the processing side of the donations, the integration with our other products. So there's quite a bit of heavy lifting to be done behind the scenes to get it ready

you've got to build some relationships on all the processing side of the donations integration with our other products so there's quite a bit of heavy lifting to be done behind the scenes to get it ready


putting incremental capital to work and a lot of things that the 3 of us described a few moments ago, that's generally the strategy when we think about repositioning the portfolio.

putting incremental capital to work and a lot of the things that the 3 of us described a few moments ago that's generally the strategy when we think about repositioning the portfolio


teens. Is that still -- is that -- was that part of your expectation as you're getting ready to acquire this that it still makes sense financially with those types of declines?

teens is that still -- is that -- was that part of your expectation as you're getting ready to acquire this that it still makes sense financially with those types of declines


Now why would anyone keep their money in a savings account that offers half the rate of another savings account? There's only 2 reasons. One, they don't know about the other offer, or two, the friction and hassle in moving their money.

now why would anyone keep their money in a savings account that offers half the rate of another savings account there's only 2 reasons one they don't know about the other offer or two the friction and hassle of moving their money


We also did 5 new brand introductions, and we did the landmark disposal of our spreads business following the carve-out over the last few years.

we also did 5 new brand introductions and we did the landmark disposal of our spreads business following the carve-out over the last few years


will be our responsibility, along with our leadership teams, to turn the assets we are acquiring into strong cash generators that exceed our targeted investment returns.

it will be our responsibility along with our leadership teams to turn the assets we are acquiring into strong cash generators that exceed our targeted investment returns


There is Linx Pay appearing very visibly, and this gives more exposure to our brand.

there is links pay appearing very visibly and this gives more exposure to our brand


where you actually know where these commodities are going to land. It's very difficult in an environment where commodities continue to bounce around, to go out and put a plan together to offset and have

where you actually know where these commodities are going to land it's very difficult in an environment where commodities continue to bounce around to go out and put a plan together to offset and have


First, even with at times uneven earnings performance, your free cash flow has remained consistently robust and your leverage has declined consistently for 7 straight years.

first even with at times uneven earnings performance your free cash flow has remained consistently robust and your leverage has declined consistently for 7 straight years


And then lastly, and this is an area that we made good progress on in 2016 and much work to be done going forward, and that's our focus on continuous improvement,

and then lastly and this is an area that we made good progress on in 2016 and much work to be done going forward and that's our focus on continuous improvement


the moment, clearly, a substantial proportion of our funding is in the form of bank debt, although that is reducing. We've made very good progress in terms of

at the moment clearly a substantial proportion of our funding is in the form of bank debt although that is reducing we've made very good progress in terms of


and it continues to build. So very exciting for Southern California on the private side. Northern California has been a little slower on the nonres. Res continues to be healthy,

and it continues to build so very exciting for southern california on the private side northern california has been a little slower on the non-res res continues to be healthy


And the list is now mostly of freighters. All the freighters on the list are the ones we've written down and expect to scrap at the end of their current leases.

and the list is now mostly of freighters all the freighters on the list are the ones we've written down and expect to scrap at the end of their current leases


our proven track record of driving growth and delivering results across our asset platform is integral to our success. At EnLink, we execute with excellence.

our proven track record of driving growth and delivering results across our asset platform is integral to our success at enlink we execute with excellence


We believe the key to capital sales becoming more predictable will be the positive guidance and coverage decisions for the product, leading to worldwide reimbursement.

we believe the key to capital sales becoming more predictable will be the positive guidance and coverage decisions for the product leading to worldwide reimbursement


and ask you for advice on what would you tell them in order how to position themselves to maybe have a most outcome in these types of discussions?

and asking for advice on what would you tell them in order -- how to position themselves to maybe have a most productive outcome in these types of discussions


That leverage assumes that we take the vast majority of our free cash flow and pay down debt over this year and next year.

that leverage assumes that we take the vast majority of our free cash flow and pay down debt over this year and next year


that is very influential and could potentially even influence that large multinational to convert or to do something else in the form of a natural color conversion.


We engineered and designed that capability into our solution and we offer that as a very minor cost upgrade to a customer that has an existing call center.

we engineered and designed that capability into our solution and we offer that as a very minor cost upgrade to a customer that has an existing call center


Turning to Slide 3. Please refer to additional disclaimers related to the presentation of our financial information and our previously filed Form 8-K

turning to slide 3 please refer to additional disclaimers related to the presentation of our financial information in our previously filed form 8-k


Their efforts are reflected in the strong sales performance to date and by the fact that over 800 surgeons have trained on the MACI procedure since launch.

their efforts are reflected in the strong sales performance to date and by the fact that over 800 surgeons have trained on the maci procedure since launch


continuously learn and improve, get closer to the consumer and get back to high performance. Now let me turn to a few key takeaways from our fourth quarter results.

continuously learn and improve get closer to the consumer and get back to high performance now let me turn to a few key takeaways from our fourth quarter results


We then have a room full of people running that modular toolkit, if you will, against every site we have. Then each one of those sites get on a conference call with our inventory expert

we then have a room full of people running that modular toolkit if you will against every site we have then each one of those sites get on a conference call with our inventory expert


For all those reasons, we are taking a proactive approach to acquisitions by identifying and pursuing potential opportunity of all sizes and at various stages of maturity.

for all those reasons we are taking a proactive approach to acquisitions by identifying and pursuing potential opportunities of all sizes and at various stages of maturity


we are custom to at PPL. These achievements across our utilities reflect our ongoing commitment to operational excellence and our strategy for growth and success.

we are accustomed to at tpl these achievements across our utilities reflect our ongoing commitment to operational excellence and our strategy for growth and success


most important from this cash that's in hand is we get to step on the gas just a bit in hiring these new salespeople earlier and faster than we expected,


What we expect then is that we'll be able to move into the multiple ascending dose cohorts in a future study in patients with the disease. So that's our planned approach

what we expect then is that we'll be able to move into the multiple ascending dose cohorts in a future study in patients with the disease so that's our planned approach


While we don't disclose individual contract details, we agreed to lower the water rate and amend the contractual formulas applied to future water rate increases

while we don't disclose individual contract details we agreed to lower the water rate and amend the contractual formulas applied to future water rate increases


to ensure we can support our customers consistently and drive those synergies, but it does require an alignment of the way we work,

to ensure we can support our customers consistently and drive those synergies but it does require an alignment of the way we work


These risks, uncertainties and factors include, but are not limited to, the effect of current global economic conditions and conditions in general and in AudioCodes industry and target markets,

these risks uncertainties and factors include but are not limited to the effect of current global economic conditions and conditions in general and in audio code's industry and target markets


and enhance the customer experience is a driving force behind client demand for more outsourcing innovation and a resulting increase in client spending.


as well as the positive benefits as we leverage our AXOS platform by accelerating product development at lower incremental costs and reduced time frames.

as well as the positive benefits as we leverage our axos platform by accelerating product development at lower incremental costs and reduced time frames


And third, the level of first quarter actual compensation is reflective of our full year expected compensation and our full year revenue expectations,

and third the level of first quarter actual compensation is reflective of our full year expected compensation and our full year revenue expectations


Let's take a look at some of these new accounts, starting with Bezeq. Bezeq is the largest telecommunications group in Israel offering a wide range of telecom services.

let's take a look at some of these new accounts starting with vezik vezik is the largest telecommunications group in israel offering a wide range of telecom services


We are in a good position as it relates to our achieving our cost savings targets and we will continue to look for additional opportunities for savings and report progress each quarter.

we are in a good position as it relates to our achieving our cost savings targets and we will continue to look for additional opportunities for savings and report progress each quarter


It addresses one of the most challenging skin concerns in the world, hyperpigmentation, as more than half of the global population is being affected.

it addresses one of the most challenging skin concerns in the world hyperpigmentation as more than half of the global population is being affected


we believe that the balancing out and the phasing as we go forward is the amount that we will have. However, I would like to emphasize as well that,

we believe that the balancing out and the phasing as we go forward is the amount that we will have however i would like to emphasize as well that


and have been actively implementing a detailed integration project plan, which spans each of the various functional areas that will need to be addressed, and we're off to a very good start on that.

and have been actively implementing a detailed integration project plan which spans each of the various functional areas that will need to be addressed and we're off to a very good start on that


The other half was a combination of some seasonal items, such as snow removal and the opening of our King of Prussia branch.

the other half was a combination of some seasonal items such as snow removal and the opening of our king of prussia branch


And we are happy to announce that as of September, we've started to supply the market with products made in our own new facility in the state of Hidalgo, Mexico.

and we are happy to announce that as of september we have started to supply the market with products made in our own new facility in the state of jalisco mexico


to get it to -- from a return standpoint. But we're in a good position with structures. We have the capabilities and the competencies that we need to continue to grow

to get it to from a return standpoint but we're in a good position with structures we have the capabilities and the competencies that we need to continue to grow


No one should assume that these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our business,

no one should assume that these forward-looking statements remain valid later in the quarter or later in the year for a more detailed discussion of the major risk factors affecting our business


that you're bringing online now, could you just take a step back for us and just kind of review your value proposition for clients. So obviously, you're becoming one of the lowest cost providers of FISH,

that you're bringing online now could you just take a step back for us and just kind of review your value proposition for clients so obviously you're becoming one of the lowest cost providers of fish


Two improvements are worth specific mention. In the area of information technology, we have supplemented our systems with a hyper-converged infrastructure.

two improvements are worth specific mention in the area of information technology we have supplemented our systems with a hyperconverged infrastructure


our third quarter is the first time that our quarterly results fully reflect combined legacy Cable ONE and legacy NewWave results for both '17 and '18. Now getting into the '18 third quarter results.

our third quarter is the first time that our quarterly results fully reflect combined legacy cable one and legacy new wave results for both '17 and '18 now getting into the '18 third quarter results


we are also finalizing the standardization of our recipes throughout the system, which has proven to improve consistency and throughput in our test locations.

we are also finalizing the standardization of our recipes throughout the system which has proven to improve consistency and throughput in our test locations


We continue to maintain a strong financial position with the flexibility and resources to continue our growth and sustain our monthly distributions over the long term.

we continue to maintain a strong financial position with flexibility and resources to continue our growth and sustain our monthly distributions over the long term


Is there anything in the works in that regard that you think might be helpful to the longer-term secular outlook for the food can down the road that's real and not pie in the sky at this juncture?

is there anything in the works in that regard that you think might be helpful to the longer-term outlook for the food team down the road that's real and not behind the sky at this juncture


only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

only as of the date of this call and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events


These successful openings give us great confidence in the brand as we enter many new and exciting markets, executing against our 2016 development plans.

these successful openings give us great confidence in the brand as we enter many new and exciting markets executing against our 2016 development plans


They could deliver the goods to our stores and the consumers will go and pick it up in our stores. So we want to be competitive with a lot of flexibility. This is the strategy of marketplace.

they could deliver the goods to our stores and the consumers will go and pick it up in our stores so we want to be competitive with a lot of flexibility this is a strategy of marketplace


large customers as well as e-commerce providers about what type of packaging do we need to solve our problems.


One of the key attractions of Clear Lam is the ability to leverage their expertise in modified atmosphere packaging to drive additional growth to our existing flexible and thermoforming customers,

one of the key attractions of clearlam is the ability to leverage their expertise in modified atmosphere packaging to drive additional growth through our existing flexible and thermoforming customers


these parties at an early stage before the contract with the client is concluded and with risk premiums estimated for expected price increases during construction.


The rates quoted are for days currently contracted. The actual rates to be earned in the first quarter 2019 will therefore depend on the number of additional days that we can contract

the rates quoted are for days currently contracted the actual rates to be earned in the first quarter of 2019 will therefore depend on the number of additional days that we can contract


The net growth in volume points in Q3 was the largest in a single quarter since 2012 and the second highest volume point quarter in total in the company's history.

the net growth in volume points in q3 was the largest in a single quarter since 2012 and the second highest volume point quarter in total in the company's history


And we're just getting started. The quarter was not a spot market play, but rather an intentional and concerted acceptance of commitments with existing customers to meet their needs in the quarter.

and we're just getting started the quarter was not a spot market play but rather an intentional and concerted acceptance of commitments of existing customers to meet their needs in the quarter


As in the past, we would like to provide updates on developments since our last earnings call in August, which will convey further progress as well as ongoing challenges.

as in the past we would like to provide updates on developments since our last earnings call in august which will convey further progress as well as ongoing challenges


maybe you get a couple of million bucks of revenue associated with things -- this thing. But the more important aspect of this is really just to highlight that this is just another example of

maybe you get a couple million bucks of revenue associated with things this thing but the more important aspect of this is really just to highlight that this is just another example of


providing an attractive, comprehensive solution for our customers. And 70% of our revenue is from customers in multiple locations throughout our portfolio.

providing an attractive comprehensive solution for our customers and 70% of our revenue is from customers in multiple locations throughout our portfolio


But certainly, the deeming kind of news coming out in May and then really the 90 days to get anything into the market certainly drove a lot of investment in this quarter.

but certainly the deeming kind of news coming out in may and then really the 90 days to get anything into the market certainly drove a lot of investment in this quarter


where do you deploy your talent? And so we're thinking carefully about how we develop our talent? How do we train them for the next generation and the next generation of work after that?

where do you deploy your talent and so we're thinking carefully about how we develop our talent how do we train them for the next generation and the next generation of work after that


At the top of the list of things, we expect you want to hear more about is the update we've provided on our partnership with Air Canada, and linked to that are the new details we are able to share around cost savings

at the top of the list of things we expect you want to hear more about is the update we provided on our partnership with air canada and linked to that are the new details we were able to share around cost savings


when in fact our Civil business were anticipating 10% to 12% and potentially increases in that because of the lack of competition.

when in fact our civil business were anticipating 10% to 12% and potentially increases in that because of the lack of competition


because although they're a state agency, they continue to struggle to do their job. And their job, as defined by our contract, is to get their right-of-ways out of the way,

because although they're a state agency they continue to struggle to do their job and their job as defined by our contract is to get their right-of-ways out of the way


create a situation where patients can no longer have the need to actually manage their disease. There's a very onerous disease management process

create a situation where patients can no longer have the need to actually manage their disease there's a very onerous disease management process


We are encouraged by the improved operating profits and margins in our industrial segments compared to last year, which has allowed us to offset a significant portion of the profit margin impact from AG.

we are encouraged by the improved operating profits and margins in our industrial segments compared to last year which has allowed us to offset a significant portion of the profit margin impact from mag


Since last year, we have increased TV advertising, and we'll continue to step up our efforts to bolster the strength of our in brands.

since last year we have increased tv advertising and will continue to step up our efforts to bolster the strength of our in-brands


is to deliver the steadily rising dividends that are typically expected by shareholders investing in a food manufacturer.


whatever the prior points were for you to activate equipment. So clearly, I think we can infer that that's what you're getting. Now in that context, is it also safe to assume that

whatever the prior points were for you to activate equipment so clearly i think we can infer that that's what you're getting now in that context is it also safe to assume that


As a reminder, our reported rig count is based on the average number of rigs generating revenue, which includes rigs on standby that are receiving a standby rate, but not actively drilling.

as a reminder our reported rig count is based on the average number of rigs generating revenue which includes rigs on standby that are receiving a standby rate but not actively drilling


likely that based on the analysis that we are doing that something could materialize and having an awareness

likely that based on the analysis that we're doing that something could materialize and having an awareness


This preferred stock was to convert to common stock proportionally with the execution of each annual tranche being delivered under the supply agreement.

this preferred stock was to convert to common stock proportionally with the execution of each annual tranche being delivered under the supply agreement


to increase EBITDA and manage their critical supplier relationships. A meaningful differentiator of our analytics and SIM tools over other alternatives

to increase ebitda and manage their critical supplier relationships a meaningful differentiator of our analytics and sim tools over other alternatives


So we will not see a full quarter benefit from those savings in the third quarter, but we should have that in place by the end of the third quarter, so that we'll see a full benefit of that in the fourth quarter.

so we will not see a full quarter benefit from those savings in the third quarter but we should have that in place by the end of the third quarter so that we'll see a full benefit of that in the fourth quarter


We continue to drive initiatives to strengthen our market position, expand our solutions offering, improve our global cost structure, and all of these will benefit the company now and long term.

we continue to drive initiatives to strengthen our market position expand our solutions offering improve our global cost structure and all of these will benefit the company now and long term


is a slight dip in sales, transaction volumes. I don't think there's anything to be overly alarmed about by that. In terms of agency branches, I would say, I think about this sort of

a slight dip in sales transaction volumes i don't think there's anything to be overly alarmed about by that in terms of agency branches i would say i think about this sort of


in our Brazilian environment, we feel that this is actually to our advantage and we're strengthening our market positions, but the overall market dynamic itself need to be dealt with.

in our brazilian environment we feel that this is actually to our advantage and we're strengthening our market positions but the overall market dynamic itself need to be dealt with


dynamic merchandising and tailored offers. And we're increasingly collaborating with retail customers to make e-commerce a point of differentiation for PepsiCo. As a result,

dynamic merchandising and tailored offers and we're increasingly collaborating with retail customers to make e-commerce a point of differentiation for pepsico as a result


about the need to improve speed in our sourcing in order to flow receipts more quickly when we see product cycles develop,


it is not from 1 geography or from 1 operation, it is across the board, from all geographies that have contributed to this excellent performance.

it is not from one geography or from one operation it is across the board from all geographies that have contributed to this excellent performance


And I would see it as continuing on in that direction of a greater portion of our funds over the next few years going into the digital direction.

and i would see us continuing on in that direction of a greater portion of our funds over the next few years going into digital direction


While the need for additional correctional facility capacity persists with the Department of Corrections, the state legislature has struggled to reach a revised budget agreement for the current fiscal year

while the need for additional correctional facility capacity persists with the department of corrections the state legislature has struggled to reach a revised budget agreement for the current fiscal year


pork prices have come down, but have churned up a little bit. But I mean that is something we're keeping our eye on in order to understand, and we're preparing ourselves

pork prices have come down but have turned up a little bit but i mean that is something we're keeping our eye on in order to understand and we're preparing ourselves


Our strategy to diversify and grow our company revenue is working. First, our Automotive business expands each year at a rate well above market.

our strategy to diversify and grow our company revenue is working first our automotive business expands each year at a rate well above market


is a challenging one to clear currently. So I think the -- it's a really long answer to a simple question, but I think one, I don't think Renova is trying to do that at this point is my understanding. Two,

is a challenging one to clear currently so i think the -- it's a really long answer to a simple question but i think one i don't think renova is trying to do that at this point my understanding two


that impact not only the fastest-growing segment in the clinical services field but the one with the highest marginal cost as well, which is the molecular diagnostic space.

that impact not only the fastest-growing segment in the clinical services field but the one with the highest marginal cost as well which is the molecular diagnostic space


These strong results continue into the December as a result of PriceSmart taking a bigger share of the market, which we think will continue for the next several quarters.

this strong results continue into december as a result of price mark taking a bigger share of the market which we think will continue for the next several quarters


but not to the full extent of the rate reduction, as excess foreign tax credits will have to be expensed. We currently estimate that the net impact of the reduction in rates,

but not to the full extent of the rate reduction as excess foreign tax credits will have to be expensed we currently estimate that the net impact of the reduction in rates


We believe it will be in all stakeholders' interest to have a financially stronger counterparty, and we intend to engage in constructive dialogue with Seadrill to find a sustainable path going forward.

we believe it will be in all stakeholders' interest to have a financially stronger counterpart and we intend to engage in constructive dialogue with cedrill to find a sustainable path going forward


tend not to want to push the back end of the cycle and get overexposed and so we made the decision not to go forward with any more condos in the cycle.


While these are still very early days a shared spirit of excellence has inspired our teams to bring forward the best of each culture to make our combined company the best it can be.

while these are still very early days a shared spirit of excellence has inspired our teams to bring forth the best of each culture to make our combined company the best it can be


As most of you are aware, this decision was in line with our strategic focus on our core business, namely the success and profitability of our franchise restaurants.

as most of you are aware this decision was in line with our strategic focus on our core business namely the success and profitability of our franchise restaurants


and superior returns for our shareholders. I look forward to our third quarter call this fall when we'll share the board's assessment of our progress and discuss our go-forward objectives.

and superior returns for our shareholders i look forward to our third quarter call this fall when we will share the board's assessment of our progress and discuss our go-forward objectives


at levels that TCA historically wouldn't participate, right, so call it in the hundreds of millions of dollars rather than the tens to a hundred million in terms of players. A lot of that has to do with

at levels that tca historically wouldn't participate right so call it in the hundreds of millions of dollars rather than the tens to 100 million in terms of players a lot of that has to do with


And so it's kind of an action that we're doing now, that we're moving forward on, that we really don't expect to see much in the way of benefit in 2016. It'll be beyond that.

and so it's kind of an action that we're doing now that we're moving forward on that we really don't expect to see much in the way of benefit in 2016 it'll be beyond that


thereby keeping more volume i.e., is it a defensive move or do you think that this will actually produce tangible profits for you?

thereby keeping more volume i e is it a defensive move or do you think that this will actually produce tangible profits for you


Generally speaking, portfolio quality today is significantly improved over the '07, '08 time period and should produce less performance volatility in a similar economic downturn.

generally speaking portfolio quality today is significantly improved over the '07-'08 time period and should produce less performance volatility in a similar economic downturn


So the information that we have is probably a little bit more anecdotal. But we know, for example, in Germany, the largest clinic that we have there, they have a number of,

so the information that we have is probably a little bit more anecdotal but we know for example in germany the largest clinic that we have there they have a number of


we have this renewable fuel. We have the network to be able to dispense it and the pathway to be able to get it into vehicles. That gives us a huge leg up compared to some of the others in this business.

we have this renewable fuel we have the network to be able to dispense it and the pathway to be able to get it into vehicles that gives us a huge leg up compared to some of the others in this business


crafted using irreplaceable whiskeys from ghost distilleries that have long since closed, together with other rare malt and grain scotch.

crafted using irreplaceable whiskies from ghost distilleries that have long since closed together with other rare malt and grain scotch


and continue to engage consumers at lifestyle events in key markets with the Ketel Market sampling mechanic, which has been very well-received by consumers.

and continue to engage consumers at lifestyle events in key markets with the kettle market sampling mechanic which has been very well received by consumers


both of those businesses -- and we talked about it -- we didn't talk about the billing system last quarter but we did talk about Prime Plans. Prime Plans was driven

both of those businesses and we talked about it -- we didn't talk about the billing system last quarter but we did talk about prime plans prime plans was driven


the sort of inelastic demand fundamentals right now in New York is causing other operators to do. But I think we need to kind of -- we need to negotiate that mix a little better, and

the sort of inelastic demand fundamentals right now in new york is causing other operators to do but i think we need to kind of -- we need to negotiate that mix a little better and


In my first 90 days, I've spent a lot of time getting to know the business and understanding our operations but also working on initiatives to streamline our operations and make them more efficient.

in my first 90 days i've spent a lot of time getting to know the business and understanding our operations but also working on initiatives to streamline our operations and make them more efficient


While this pushed our sales higher for the third quarter, we expect this pace will slow down somewhat in the fourth quarter, with the disruption of February production in China.

while this pushed our sales higher for the third quarter we expect this pace will slow down somewhat in the fourth quarter with the disruption of february production in china


After the quarter and through August 9, we have added additional swaps for the remainder of '17 and for the full year of '18, and we will continue to opportunistically add hedges in future.

after the quarter and through august 9 we have added additional swaps for the remainder of '17 and for the full year of '18 and we will continue to opportunistically add hedges in the future


You can say that we're at a crossroads. We're building an organization that is more agile, delivering greater value to our customers through front-loaded solutions, fast lead times and disciplined market

you can say that we're at a crossroads we're building an organization that is more agile delivering greater value to our customers through front-loaded solutions fast lead times and disciplined market


So to sum up Pinnacle for now, the deterioration in the legacy Pinnacle business over the course of calendar year 2018 means we have some hard work to do.

so to sum up pinnacle for now the deterioration in the legacy pinnacle business over the course of calendar year 2018 means we have some hard work to do


were we have been increasing our investments in these last 2 years in spite of FX and energy headwinds. It's important to continue to do that in the business. We have a

where we have been increasing our investments in these last 2 years in spite of fx and energy headwinds it's important to continue to do that in the business we have a


this being my last opportunity to speak to you, I would like to take some additional editorial latitude. Indeed, everything I have to say is personal.

with this being my last opportunity to speak to you i would like to take some additional editorial latitude indeed everything i have to say is personal


we will work with customers to explore alternative operational solutions that will improve profitability. If that is not possible, we'll engage with them in pricing discussions.

we will work with customers to explore alternative operational solutions that will improve profitability if that is not possible we will engage with them in pricing discussions


represent a powerful combination, which will enable us to offer a unique set of exceptional capabilities and expand what's possible in injection molding.

represent a powerful combination which enable us to offer a unique set of exceptional capabilities and expand what's possible in injection molding


to both open up and make these connect and come together. And then we're trying something new. So a lot of what we're doing inside the house is really trying to change the way we build

to both open up and make these connect and come together and then we're trying something new so a lot of what we're doing inside the house is really trying to change the way we build


In addition, I'm very pleased by our growing project backlogs, growing public and private starts and the growing preconstruction pipeline.

in addition i'm very pleased by our growing project backlogs growing public and private starts and the growing preconstruction pipeline


please go. It's in the first floor of our 2-storey store there. So there's a GameStop in the second store. Go downstairs. It's a stunning store and you should go check it out. I think it says a lot about

please go it's in the first floor of our 2-story store there so there's a gamestop in the second store go downstairs it's a stunning store and you should go check it out i think it says a lot about


and I'll come back with the outlook for the rest of 2017. Scott? Thanks, Rob. I'll walk through our results for the second quarter in aggregate and then briefly comment on each of our major business lines.

and i'll come back with the outlook for the rest of 2017 scott thanks rod i'll walk through our results for the second quarter in aggregate and then briefly comment on each of our major business lines


Finally, Horizon North recently made the decision to move all of its manufacturing and production from the Okanagan Falls facility to our Mt. Paul, which is in Kamloops manufacturing facility.

finally horizon north recently made the decision to move all of its manufacturing and production from the okanagan falls facility to our mt paul which is in campbell's manufacturing facility


We have very large distribution capacities everywhere we operate and we already have top talent already in place there. And we also have one of the most recognized brands in all the countries we operate in.

we have very large distribution capacities everywhere we operate and we already have top talent already in place there and we also have one of the most recognized brands in all the countries we operate in


At the hindsight, we can say that some of the inflation -- because we have seen years of very high inflation in the food.

at the hindsight we can say that some of the inflation because we have seen years of very high inflation in the food


I'd like to remind you of our safe harbor. Any remarks that we may make about future expectations, plans and prospects for the company constitute forward-looking statements for purposes of the safe harbor provisions

i'd like to remind you of our safe harbor any remarks that we may make about future expectations plans and prospects for the company constitute forward-looking statements for purposes of the safe harbor provisions


is to select pads that will exceed the existing type curves and allow us to continue to grow at much more efficient uses of our capital.


But we see from a pure revenue perspective that we grow by more than 70% and we see for the first time in the last 2 quarters that eCPMs are improving.

but we see from a pure revenue perspective that we grow by more than 70% and we see for the first time in the last 2 quarters that ecpms are improving


We do expect the changes we have made and continue to make will result in some fluctuation in our results during the remainder of the 2018 fiscal year.

we do expect the changes we have made and continue to make will result in some fluctuation in our results during the remainder of the 2018 fiscal year


paying them in shares and not in cash? And what about the end of royalties and how this impacts the claim

paying them in shares and not in cash and what about the end of royalties and how this impacts the claim


we are closing a lot of businesses also in Colombia, but when you take the whole picture, it will keep the same proportion.

we are closing a lot of businesses also in colombia but when you take the whole picture it will keep the same proportion


Okay. I guess competitively as you grow that secured mix like are you seeing any sort of different dynamics? Is it still sort of pretty stable from that perspective?

okay i guess competitively as you grow that secured mix like are you seeing any sort of different dynamics is it still sort of pretty stable from that perspective


and the right level of support, so that we can help as many patients as possible with INGREZZA. So I think that, that kind of lays out what the plan is going to look like between now and the end of the year,

and the right level of support so that we can help as many patients as possible with onbrezza so i think that that kind of lays out what the plan is going to look like between now and the end of the year


I think that's great. Because even if I get some additional inventory, I would say there seems to be demand out there able to absorb it. So it's still a little early to tell. I would say we've got an initial

i think that's great because even if i get some additional inventory i would say there's -- seems to be demand out there able to absorb it so it's still early to tell i would say what we've got an initial


the percentage of used vehicles sold through the retail channel of 62% remained below historical levels as we moved inventory within our target range.


use those as our current expectations and seek to drive change in various states. And if that change takes hold, we'll probably see accelerations in growth trends.

use those as our current expectations and seek to drive change in various states and if that change takes hold we'll probably see accelerations in growth trends


why Obuasi is such a good asset? I'd like Graham to unpack the details in terms of why Obuasi is regarded as a critical investment for us and a good asset, given the change that has happened

why abu asy is such a good asset i'd like graham to unpack the details in terms of why abu asy is regarded as a critical investment for us and a good asset given the change that has happened


And as a footnote here, we once again distinguished ourselves by passing another year without diluting shareholders through equity issuance, and this often gets forgotten.

and as a footnote here we once again distinguished ourselves by passing another year without diluting shareholders through equity issuance and this often gets forgotten


trying to continue the good momentum we have. It's teaching the benefits of our products so that we can steal and compete against the

it's trying to continue the good momentum we have it's teaching the benefits of our products so that we can steal and compete against the


very closely to identify opportunities where we feel that we could work with the teams at Celgene and perhaps Sujay, you can give a little bit of an update in terms of those conversations and some of the next steps.

very closely to identify opportunities where we feel that we could work with the teams at celgene and perhaps sujee you can give a little bit of an update in terms of those conversations and some of the next steps


And so I have a high degree of confidence that, that philosophy in managing our business for the long term and the sustainability of our distribution

and so i have a high degree of confidence that that philosophy in managing our business for the long term and the sustainability of our distribution


further work to be done and important further work, but it is pleasing to get to the end of those initial projects in this respect.

further work to be done and important further work but it is pleasing to get to the end of those initial projects in this respect


I can tell you from personal experience that this card has become my go-to card in my wallet, and not only has it helped me control my spending, but it's has helped me lower my utilization rate of my credit cards, which also helps improve my credit score.

i can tell you from personal experience that this card has become my go-to card in my wallet and not only has it helped me control my spending but it's helped me lower my utilization rate on my credit cards which also helps improve my credit score


We've only touched this -- the surface of it. And we do have very large ambitions to grow. So if I can now break that down a little bit, clearly, we're already large in the CLO business, and we have no intention

we've only touched the surface of it and we do have very large ambitions to grow so if i can now break that down a little bit clearly we're already large in the clo business and we have no intention


While current market conditions in our consumer business continue to be challenging near term, we are encouraged that industry fundamentals in both the tissue and paperboard businesses bode well for the long term.

while current market conditions in our consumer business continue to be challenging near term we are encouraged that industry fundamentals in both the tissue and paperboard businesses bode well for the long term


offer? And what kind of company are we going to be? We actually put together a video for our employees as well as to our stakeholders. So please take a look at the video first.

offer and what kind of company are we going to be we actually put together a video for our employees as well as to our stakeholders so please take a look at the video first


particularly in our operations where we are getting to scale and our ability to be more responsive to our customers.


Before turning to the quarter presentation, I would like to draw your attention to the Safe Harbor statement on Page 2 of the slides, that also applies to any statements made during this presentation.

before turning to the core's presentation i would like to draw your attention to the safe harbor statement on page 2 of the slides that also applies to any statements made during this presentation


As previously discussed, we are experiencing an increasing mix of students through corporate partnerships that are awarded higher grants from the university to offset their tuition costs.

as previously discussed we are experiencing an increasing mix of students through corporate partnerships that are awarded higher grants from the university to offset their tuition costs


In summary, our global Automotive group posted solid overall results in the first quarter despite the slowing we experienced in our core Automotive business in Europe.

in summary our global automotive group posted solid overall results in the first quarter despite the slowing we experienced in our core automotive business in europe


Thank you. I'd like to just thank everyone for their time today. I know today is a busy day for everyone. We're not the only that reported last night.

thank you i'd like to just thank everyone for their time today i know today is a busy day for everyone we're not the only one that reported last night


In my presentation, I will focus on the full year results, and Jens will come back to the details on the quarter as well as full year.

in my presentation i will focus on the full year results and jens will come back to the details on the quarter as well as full year


operating expense control and the previously discussed benefit from the change in accounting guidance for tax benefits from certain stock compensation expenses now included in our tax provision.


We are starting to see contributions coming from these products. We'll make further efforts to have even bigger growth mid- to long term based on the results so far.

we are starting to see contributions coming from these products we'll make further efforts to have even a bigger growth mid to long term based on the results so far


This is a very hard market to predict at this point because there are a lot of multiple dynamics going on in terms of -- it's not just about flash demand being

this is a very hard market to predict at this point because there are a lot of multiple dynamics going on in terms of -- it's not just about flesh demand being


our software to pinpoint where the highest expectation of damage is. So what we're trying to do is work with the customers to be a good value-added. We know there's always going to have to be inspection spend.

our software to pinpoint where the highest expectation of damage is so what we're trying to do is work with the customers to be a good value added we know there's always going to have to be an inspection spend


ad campaigns for noodles are more difficult. Eating noodles is something very common, very lackluster.

ad campaigns for noodles are more difficult eating noodles is something very common very lackluster


We always look at this area carefully. And with the sales volume trending lower, we opted to manage inventory levels versus gain incremental near-term margin.

we always look at this area carefully and with the sales volume trending lower we opted to manage inventory levels versus gain incremental near-term margin


You'll notice there that we've separated Manufactured Accommodation from Village Operations, and we've done this because those 2 income streams really have different attributes from an investment point of view.

you'll notice there that we've separated manufactured accommodation from village operations and we've done this because those 2 income streams really have different attributes from an investment point of view


And we are seeing consumers respond in those categories to the lower prices and that's driving units up. So it's really tough to isolate

and we are seeing consumers respond in those categories to the lower prices and that's driving units up so it's really tough to isolate


has the potential to really change the trajectory of the disease. So I think, by the middle of the year we'd hope to see, certainly in the younger children a similarly profound response

has the potential to really change the trajectory of the disease so i think by the middle of the year we hope to see certainly in the younger children a similarly profound response


So during the half, we launched a new larger store format in order to provide a compelling offer to landlords in order to give us additional space.

so during the half we launched a new larger store format in order to provide a compelling offer to landlords in order to give us additional space


Maybe you could talk a little bit about maybe what caused that. Is the business -- is that just sort of a hiccup? Or is the business maybe not expanding at the rate you thought it might be?

maybe you could talk a little bit about maybe what caused that is the business is that just sort of a hiccup or is the business maybe not expanding at the rate you thought it might be


And SPS is a key part of driving productivity for us. And those businesses that really embrace it and drive it, you can see the consistent results in that part of

and sps is a key part of driving productivity for us and those businesses that really embrace it and drive it you can see the consistent results in that part of


recruiting system is much stronger than it's been in the past. Our performance system continues to be very strong. Our learning system, I would argue, is better than it's ever been.

recruiting system is much stronger than it's been in the past our performance system continues to be very strong our learning system i would argue is better than it's ever been


because of it being a complete flow business is in the Fluids business. So as materials move up and down we have to chase it. And so in that business, we mitigate

because of it being a complete flow business is in the fluids business so as materials move up and down we have to chase it and so in that business we mitigate


We underwrote these clients and they're similar type banks to us. So there's no unique class of loans that are a line of business we're looking to exit. So I'd say steady state.

we underwrote these clients and they're similar type banks to us so there's no unique class of loans that are a line of business we're looking to exit so i'd say steady state


continued dollar strength and fears that Deutsche Bank could actually omit dividends on certain corporate-preferred securities, resulted in a strong risk of market.

continued dollar strength and fears that deutsche bank could actually omit dividends on certain corporate preferred securities resulted in a strong risk-off market


sawing and drilling and surfaces and floors because our current core is really in the concrete sawing and drilling business. And the floor grinding was

sawing and drilling and surfaces and floors because our current core is really in the concrete sawing and drilling business and the floor grinding was


The increase from year-end was driven by normal seasonality of our cash flow, which is negative in the first half of the year and turns positive in the second half of the year.

the increase from year-end was driven by normal seasonality of our cash flow which is negative in the first half of the year and turns positive in the second half of the year


so now we think that we probably can grow at 10% longer term but that the coverage would be very tight and could be negative in some years.

and so now we think that we probably can grow at 10% longer term but that the coverage would be very tight and could be negative in some years


this quarter as we continue to manage our revenue and expenses to meet or modestly exceed our expectations while investing in making great strides in the core strategy we laid out last year.

this quarter as we continue to manage our revenue and expenses to meet or modestly exceed our expectations while investing and making great strides in the core strategy we laid out last year


It is important to note that increased levels of earning assets in the quarter from the growth in our Equipment Finance and Funding Stream portfolios more than offset higher quarter-over-quarter expenses.

it is important to note that increased levels of earning assets in the quarter from the growth in our equipment finance and funding stream portfolios more than offset higher quarter-over-quarter expenses


And that growth is going to come from slower growth within our traditional core channels, probably 5% growth and substantial growth within the new channels and the expansion channels that Jeff mentioned.

and that growth is going to come from slower growth within our traditional core channels probably 5% growth and substantial growth within the new channels and the expansion channels that jeff mentioned


There is still much to be done as we perform a cost of service study and work with the commission staff, customers and other stakeholders to find a fair, long-term solution.

there is still much to be done as we perform a cost of service study and work with the commission staff customers and other stakeholders to find a fair long-term solution


where we didn't produce any samples. And -- so that's worked itself through. And as we get into the second half of this year, we'll return to more consistent sample production.

where we didn't produce any samples and so that's worked itself through and as we get into the second half of this year we'll return to more consistent sample production


In order to accomplish that, we will need to continue to see growth from high-margin LED products and maintain strong margins on our other product lines and service lines.

in order to accomplish that we will need to continue to see growth from high-margin led products and maintain strong margins on our other product lines and service lines


We're creating a genuine one-stop shop on both sides of the market, where our consumers need to look no further to find, move or manage their home,

we're creating a genuine one-stop shop on both sides of the market where our consumers need to look no further to find move or manage their home


improvement initiatives that are part of our operational excellence program, including those related to order to cash automation and the level 0 support.

improvement initiatives that are part of our operational excellence program including those related to order-to-cash automation and level 0 support


On a regional basis, the Southeast was the strongest for the quarter, and the West was the strongest for the year. The South Central region was the most challenging in both periods.

on a regional basis the southeast was the strongest for the quarter and the west was the strongest for the year the south central region was the most challenging in both periods


that can be developed into deeper solution practices and distributed to more clients through our existing geographic channels, especially in the middle market.

that can be developed into deeper solutions practices and distributed to more clients through our existing geographic channels especially in the middle market


in smartphones outside of the 2 largest OEMs. We expect Consumer revenue will be down in the December quarter, with lower revenue at our leading customer

in smartphones outside of the 2 largest oems we expect consumer revenue will be down in the december quarter with lower revenue at our leading customer


or we diversify into other applications? We would do any of those if it's clear to us that we can digest it and that it really creates long-term shareholder value.

or we diversify into other applications we would do any of those if it's clear to us that we can digest it and that it really creates long-term shareholder value


Before the impact of reinsurance, we expect premium yield on our primary book to continue to migrate upward to around 50 bps over the next several quarters.

before the impact of reinsurance we expect premium yield on our primary book to continue to migrate upward to around 50 bps over the next several quarters


With that, let me now turn to 2016. In Insulation, we expect revenue growth will be slightly weaker than the growth experienced in 2015. While we do expect margin expansion,

with that let me now turn to 2016 in insulation we expect revenue growth will be slightly weaker than the growth experienced in 2015 while we do expect margin expansion


for owners that preserves the goodwill and strong brand loyalty we've generated over many years of providing these families with fantastic vacation experiences.


Our strategy thus far has been, in Europe, we've started seeding the market. We do have a sales group already set up over there, it works out of our wheel plant there in

our strategy thus far has been in europe we've started seeding the market we do have a sales group already set up over there it works out of our wheel plant there and


So I would say that it's a little bit of visibility on some of the book and ship. And as frustrating as that is for us, we had to go back and look at it

so i would say that it's a little bit of visibility on some of the book and ship and as frustrating as that is for us we had to go back and look at it


whenever you -- first, whenever you trade-off pricing and volume, that's a lot easier on the margin structure than having to go the other way, and you do eventually need to go the other way on volume growth

first whenever you trade off pricing and volume that's a lot easier on the margin structure than having to go the other way and you do eventually need to go the other way on volume growth


However, as in Brazil, volumes fell in the second half as categories slowed in response to weakening economic conditions and price elasticity.

however as in brazil volumes fell in the second half as categories slowed in response to weakening economic conditions and price elasticity


We are looking forward to updating you on our progress at our next quarterly call somewhere in August. We'll advise you. Have a great day.

we are looking forward to updating you on our progress at our next quarterly call somewhere in august we'll advise you have a great day


combined sales force and one combined marketing thrust and making sure that we are getting the most and delivering the most value that we possibly can


increases in variable compensation costs. We believe that our defense costs with respect to the derivative litigation will be substantially lower,

increases in variable compensation costs we believe that our defense costs with respect to the derivative litigation will be substantially lower


We continue to believe based on where we are today that this project will deliver significant value and achieve our expectations on which we greenlighted its development.

we continue to believe based on where we are today that this project will deliver significant value and achieve our expectations on which we greenlighted its development


Assuming that timing is met, we would expect to resume longwall production in the new longwall district at the end of the first quarter of next year.

assuming that that timing is met we would expect to resume longwall production in the new longwall district at the end of the first quarter of next year


And on the middle market investment, you mentioned in the prepared remarks that there was one that had a loss in the quarter from a restructure. Which investment was that?

and on the middle market investment you mentioned in the prepared remarks that there was one that had a loss in the quarter from a restructure which investment was that


And as well then, we've got to be focused on taking costs out of the existing infrastructure on a go-forward basis. And as we said before, that's what the next phase of productivity is about.

and as well then we've got to be focused on taking costs out of the existing infrastructure on a go-forward basis and as we said before that's what the next phase of productivity is about


what should we expect to see first when you're starting to get traction there? Is it organic growth stabilizing? Is it margin improvement? Is it a little bit of everything?

what should we expect to see first when you're starting to get traction there is it organic growth stabilizing is it margin improvement is it a little bit of everything


We remain confident in our ability to continue executing on these initiatives as we look forward to getting back to our previous market share position and beyond

we remain confident in our ability to continue executing on these initiatives as we look forward to getting back to our previous market share position and beyond


we are confident in the long-term prospects for these investments and believe it is prudent to continue to forecast the return on our investments in certain life science venture capital funds.

we are confident in the long-term prospects for these investments and believe it is prudent to continue to forecast a return on our investments in certain lifetime's venture capital funds


and helping our sales force develop and distribute compelling solutions for our advertising partners and improving the experience for our consumers.


volume should increase with the typical seasonality, so earnings should step up pretty significantly I would think sequentially from third to fourth quarter. Can

volume should increase with the typical seasonality so earnings should step up significantly i would think sequentially from third to fourth quarter can you


We continue to introduce new products that are gaining customer acceptance in the end markets we serve from this segment, and we see a strong frontlog, which gives us confidence in the future growth potential.

we continue to introduce new products that are gaining customer acceptance in the end markets we serve from this segment and we see a strong front log which gives us confidence in the future growth potential


So depending on paths that were being discussed, there was a lot of options or variability into where that was going to go. During the quarter it became clearer which

so depending on paths that were being discussed there was a lot of options or variability into where that was going to go during the quarter it became clear which


it's -- if they decided to do yoga and they didn't want it on at that time, but they wanted to put a transmitter back on after the workout or they want to wear a sleeveless dress.

if they decided to do yoga and they didn't want it on at that time if they wanted to put a transmitter back on after the workout or they wanted to wear a sleeveless dress


Air Products is doing well and you see that in the numbers, and we continue to believe that Air Products by itself will continue to do well.

air products is doing well and you see that in the numbers and we continue to believe that air products by itself will continue to do well


Net cost performance was unchanged as our productivity actions and the TSA income were roughly offset by higher maintenance costs, inflation

net cost performance was unchanged as our productivity actions and the tsa income were roughly offset by higher maintenance costs inflation


The cracker reached full design rates in April. CPChem also operated well during the quarter and has fully recovered from the hurricane downtime at Cedar Bayou.

the cracker reached full design rates in april cpchem also operated well during the quarter and is fully recovered from the hurricane downtime at cedar bayou


These are some of the major factors of why we expect continued high utilization rates on our Lakehead and North Dakota systems which source their volumes from the Western Canada and Bakken areas, respectively.

these are some of the major factors of why we expect continued high utilization rates on our lake caden north dakota systems which source their volumes from the western canada and bakken areas respectively


On Slide 12, we break out our third quarter rebased revenue and OCF growth rates for our operations in Western Europe, which make up over 90% of our total European revenue.

on slide 12 we break out our third quarter rebased revenue and ocf growth rates for our operations in western europe which make up over 90% of our total european revenue


And I think that will become clear as far as the revenue potential. But we are very bullish on this and I think there are immediate opportunities for revenue from this that

and i think that will become clear as far as the revenue potential but we are very bullish on this and i think there are immediate opportunities for revenue from this that


of the Russell Stover business in Canada to our Lindt Canada. I think that is important because if you now look at the

of the russell stover business in canada to our lent canada i think that is important because if you now look at the


We believe that ultimately the works that we do on that initiative will allow us to develop commercial bundled payment products that can be marketed to MA plans and other payers.

we believe that ultimately the work that we do on that initiative will allow us to develop commercial bundled payment products that can be marketed to ma plans and other payers


We believe these solid results reflect the strength and sustainability of our business model, with growth from recent acquisitions complementing our organic growth.

we believe these solid results reflect the strength and sustainability of our business model with growth from recent acquisitions complementing our organic growth


Our redesign completion techniques have shown promising early results, and we are excited to see the results on a larger sample size in the third quarter.

our redesigned completion techniques have shown promising early results and we're excited to see the results on a larger sample size in the third quarter


as discussed in the company's filings with the Securities and Exchange Commission that could cause actual results to differ. After our remarks, we'll have a question-and-answer session.

as discussed in the company's filings with the securities and exchange commission that could cause actual results to differ after our remarks we will have a question-and-answer session


retail numbers. I mean the retail numbers in December were not very good. Sales in December in the retail were lower than that of November.

retail numbers i mean the retail numbers in december were not very good sales in december in the retail were lower than that of november


We're taking actions to close selected price gaps, but we expect the market to remain challenging in terms of both revenue and margins at least through the second half.

we're taking actions to close selected price gaps but we expect the market to remain challenging in terms of both revenue and margins at least through the second half


Looking ahead, we remain confident that we will see significant positive benefit from these pricing actions in 2018. We also expect our cost models to benefit

looking ahead we remain confident that we will see significant positive benefits from these pricing actions in 2018 we also expect our cost models to benefit


At the time, we noted that those numbers did not include any new console launches and did not include any sales for virtual reality, hardware or software.

at the time we noted that those numbers did not include any new console launches and did not include any sales for virtual reality hardware or software


I do need to remind investors that whilst we do not expect there to be significant variances, all financial figures in the 4C and our presentation remain subject to half year audit review.

i do need to remind investors that whilst we do not expect there to be significant variances or financial figures in the 4c and our presentation remain subject to half year audit review


and tried to really optimize the profitability and tried to take -- make sure that we were balancing sales and margin and profit all the way through that. So

and tried to really optimize the profitability and try to take -- make sure that we were balancing sales and margin and profit all the way through that so


And we're looking at what we can do to be competitive. So we're open to a broad range of opportunities in structuring our contracts. I think that's going to be key in the Delaware Basin going forward.

and we're looking at what we can do to be competitive so we're open to a broad range of opportunities in structuring our contracts i think that's going to be key in the delaware basin going forward


As a growing midstream service provider, it's critical to be where the activity is. And today, more than half of the total U.S. rigs are located in the STACK and Permian basins.

as a growing midstream service provider it's critical to be where the activity is and today more than half of the total u s rigs are located in the stack and permian basins


This is one of the reasons that we're able to grow at a pace greater than the market. Our customers are recognizing the value of Hub's service and taking that into account when making carrier selections.

this is one of the reasons that we're able to grow at a pace greater than the market our customers are recognizing the value of service and taking that into account when making carrier selections


so shifting it to the point of sale has a very minimal impact overall but has a very big impact to individuals taking those impacted drugs. And I would tell you this is just

so shifting it to the point of sale has a very minimal impact overall but has a very big impact to individuals taking those impacted drugs and i would tell you this is just


Okay. I appreciate going a little bit more in depth there. And then, I wanted to talk to your comments as well as you're getting the aircraft in the fleet a little bit faster this year.

okay i appreciate going a little bit more in depth there and then i wanted to talk to your comments as well as you're getting the aircraft in the fleet a little bit faster this year


Since that time, we have and expect to continue to generate substantial free cash flow that we are committed to allocating toward the highest-return investments.

since that time we have and expect to continue to generate substantial free cash flow that we are committed to allocating toward the highest return investments


and the impact that could have to us was not fully contemplated in the range. And so I think what you really saw was a big impact in the fourth quarter like we talked about, 90 basis points

any impact that could have to us was not fully contemplated in the range and so i think what you really saw was a big impact in the fourth quarter like we talked about 90 basis points


and creating powerful store merchandise and assortment displays This will be a journey over a number of years, and we're committed to building a world-class experience for our customers.

and creating powerful store merchandise and assortment displays this will be a journey over a number of years and we're committed to building a world-class experience for our customers


Our first priority is safely executing our work. Earlier this year, we conducted a survey that benchmarked our safety results against more than 1,000 other organizations,

our first priority is safely executing our work earlier this year we conducted a survey that benchmarked our safety results against more than 1 000 other organizations


We executed well on our 2017 plan to improve quality, performance and automation, which removed friction from our advertising business and improved our application for the Snapchat community.

we executed well on our 2017 plan to improve quality performance and automation which removed friction from our advertising business and improved our application for the snapchat community


During the quarter, we benefited from the additional capacity and improving cost efficiencies from our recent investments at Trentwood, which served to partially counteract headwinds experienced in the first quarter.

during the quarter we benefited from the additional capacity and improving cost efficiencies from our recent investments at trentwood which served to partially counteract headwinds experienced in the first quarter


selections, especially in stone, and then the higher-end ceramic that can be accessorized with stone, that we can display in our stores

selections especially in stone and then higher-end ceramic that can be accessorized with stone that we can display in our stores


In Brazil, our business performed well despite the sluggish economic conditions due to the high mix of specialty personal care products in our portfolio.

in brazil our business performed well despite the sluggish economic conditions due to the high mix of specialty personal care products in our portfolio


and divesting businesses that are noncore. Lastly, I wanted to highlight a number of truly innovative new products recently launched.

and divesting businesses that are noncore lastly i wanted to highlight a number of truly innovative new products recently launched


Aircraft prices continue to rise for most types as investor demand continues to surge. We're seeing many yield-driven players who are not traditional aircraft investors entering our market.

aircraft prices continue to rise for most types as investor demand continues to surge we're seeing many yield-driven players who are not traditional aircraft investors entering our market


again, I don't have a deal that I can comment on just yet. We are very actively working on several different fronts on both sides of the equation there.

again i don't have a deal that i can comment on just yet we are very actively working on several different fronts on both sides of the equation though


And I'd say that we'll probably -- we'll have a decision on that probably in the next several weeks. And what we're really thinking about now is as we've evolved, and particularly as we've

and i'd say that we'll probably -- we'll have a decision on that probably in the next several weeks and what we're really thinking about now is as we've evolved and particularly as we've


This new addition to our giga family of products is off to a rapid ramp, with nearly 200 customers placing orders prior to general availability.

this new addition to our gigafamily of products is off to a rapid ramp with nearly 200 customers placing orders prior to general availability


These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Investors Bancorp's control,

these forward-looking statements are not guarantees of future performance and are subject to risks uncertainties and other factors some of which are beyond investors bancorp's control


when we execute well in the restaurant, everything else is going to work well also. We have a better shot at executing digital. And so I think the single biggest thing we can do and this thing that we've been focused on

when we execute well in the restaurant everything else is going to work well also we have a better shot at executing digital and so i think the single biggest thing we can do and the thing that we've been focused on


We have new leadership in place. We've seen steady improvement over the past few quarters. The weather has certainly normalized with the exception of what we saw in early April.

we have new leadership in place we've seen steady improvement over the past few quarters the weather has certainly normalized with the exception of what we saw in early april


just based on the numbers we put forward, there will be more movement among our own fund family and between active and passive and with unaffiliated funds.

just based on the numbers we put forward there will be more movement among our own fund family and between active and passive and with unaffiliated funds


In the Asia Pacific region, we expect second quarter and full year RevPAR will increase at a high single-digit rate, reflecting continued strength in corporate and leisure demand.

in the asia pacific region we expect second quarter and full year revpar will increase at a high single-digit rate reflecting continued strength in corporate and leisure demand


Moving to a liquid formulation should accelerate absorption to the extent that you don't have to break down a capsule or dissolve the powder in the capsule. It's already presented as a liquid.

moving to a liquid formulation should accelerate absorption to the extent that you don't have to break down the capsule or dissolve the powder in the capsule it's already presented as a liquid


and what we were left with was a reversal, apparently, in that benefit in the small number of events that were abdominal only.

and what we were left with was a reversal apparently in that benefit in the small number of events that were abdominal only


We believe there is no other marketing services provider bringing this deep and sole focus to the financial services market right now.

we believe there is no other marketing services provider bringing this deep and sole focus to the financial services market right now


will bring additional consistency and rigor to the capital allocation decision making process. And he'll assist in evaluating growth opportunities capable of delivering long-term value.

will bring additional consistency and rigor to the capital allocation decision-making process enhill assisting evaluating growth opportunities capable of delivering long-term value


I believe that you guys had mentioned a more modest rate reduction in the State of Florida. I don't remember exactly the number or the timing of that. Could you just remind us?

i believe that you guys had mentioned a more modest rate reduction in the state of florida i don't remember exactly the number or the timing of that could you just remind us


Overall, we're pleased with our progress during the first quarter. We believe our attractive business portfolio, combined with a more efficient operating structure,

overall we're pleased with our progress during the first quarter we believe our attractive business portfolio combined with a more efficient operating structure


As I mentioned last quarter, given the RMAT designation awarded to this program, we will continue to engage with the FDA to evaluate an earlier submission if the data are supportive.

as i mentioned last quarter given the rmat designation awarded to this program we will continue to engage with the fda to evaluate an earlier submission if the data are supportive


Yes, I think it is. International was driven primarily by softness that we saw in Europe, quite frankly. And

yes i think it is international was driven primarily by softness that we saw in europe quite frankly and


you can continue. When the second batch of people come in, you may already lose your first batch. Especially right now, in Southeast Asia, marketers are

you can continue when the second batch of people come in you may already lose your first batch especially right now in southeast asia marketers are


Additionally, we believe our first and third quarters have the potential to become larger relative to the balance of the quarters, as our international business becomes a greater percentage of our total net sales.

additionally we believe our first and third quarters have the potential to become larger relative to the balance of the quarters as our international business becomes a greater percentage of our total net sales


And you don't want to disrupt it with a cable system that you have to replace within a certain number of cycles. So we are continuously developing the number of cycles that you can

and you don't want to disrupt it with a cable system that you have to replace with a certain number of cycles so we are continuously developing the number of cycles that you can


We believe these new game themes and form factors will continue building upon the success we are achieving from our newer premium game installations.

we believe these new game themes and form factors will continue building upon the success we are achieving from our newer premium game installations


So I'd just like to wrap all of this up now with the last slide. And while we're not out of the woods yet, there are a number of interesting themes I'd ask shareholders to consider.

so i'd just like to wrap all of this up now with the last slide and while we're not out of the woods yet there are a number of interesting themes i'd ask shareholders to consider


for an average of five years prior to switching. So they -- and patients who've been on treatment that long, generally are declining in, in the various functions that you measure.

for an average of 5 years prior to switching so they -- and patients who've been on treatment that long generally are declining in the various functions that you measure


Yes. Do you think the organization is collecting data from customer response in an efficient way to really optimize that sales process across regions?

yes do you think the organization is collecting data from customer response in an efficient way to really optimize that sales process across regions


Finally, before I hand it over to Jose to take you through our financial results, I'd like to take a minute to thank our employees for your excellent performance in 2017. There is no better team in the industry.

finally before i hand it over to jose to take you through our financial results i'd like to take a minute to thank our employees for your excellent performance in 2017 there is no better team in the industry


In the first half of 2017, the use of working capital has been slightly lower than last year, but there are many moving pieces within those numbers.

in the first half of 2017 the use of working capital has been slightly lower than last year but there are many moving pieces within those numbers


Transformation is never easy but the commitment of our global team to help people realize their potential through our state-of-the-art people management solutions

transformation is never easy but the commitment of our global team to help people realize their potential through our state-of-the-art people management solutions


It's important to note that these changes to our delivery organization have not and will not impact our ability to support our clients

it's important to note that these changes to our delivery organization have not and will not impact our ability to support our clients


Now moving to the very important content side of our business. We continue to improve and grow our innovation efforts, shedding formats from the past on every platform.

now moving to the very important content side of our business we continue to improve and grow our innovation efforts shedding formats from the past on every platform


even though most investors don't pay any sales charge in an A share class. This change will level out the playing field between share classes and better reflect current state of the industry.

even though most investors don't pay any sales charge in an a share class this change will level out the playing field between share classes and better reflect current state of the industry


Based on our planned efforts, we expect the use of the panel to double in 2017. For Zellweger spectrum disorders, we will be pushing forward our patient identification efforts

based on our planned efforts we expect the use of the panel to double in 2017 for zellweger spectrum disorders we will be pushing forward our patient identification efforts


the profitable growth investments and initiatives we are doing. Giving then in the end, a positive impact on operating income and margin

the profitable growth investments and initiatives we are doing giving then in the end a positive impact on operating income and margin


I mean, what we have said very consistently is, we think it takes our team 2 full bid cycles to make this our network. And so we are just now implementing

i mean what we have said very consistently is we think it takes our team 2 full bid cycles to make this our network and so we are just now implementing


We expect our CapEx to be lower in 2016 and return to more historical levels now that our forest product expansion is complete.

we expect our capex to be lower in 2016 and return to more historical levels now that our forest product expansion is complete


We've also differentiated our service by continuing to provide customers with education, high-quality reviews and contracts that let them flex their demands.

we've also differentiated our service by continuing to provide customers with education high-quality reviews and contracts that let them flex their demands


the Rosewood Miramar beach hotel for Caruso Enterprises, the Newark Airport Terminal 1 in New Jersey for the Port Authority in New York

the rosewood miramar beach hotel for caruso enterprises the newark airport terminal 1 in new jersey for the port authority of new york


that branch banking structures become more geared towards base pay and less towards incentives, which means the fixed cost, if you will, of running a branch

that branch banking structures become more geared towards base pay and less towards incentives which means the fixed cost if you will of running a branch


And we want to make sure that you actually can do a really, really brilliant job in the customers' home. So before you can now work for us, you have to pass the test.

and we have -- we want to make sure that you actually can do a really really brilliant job in the customer's home so before you can now work for us you have to pass the test


This time around, however, we have succeeded to get HI-CHEW into some test markets and in-store turnover thus far is comparable to that in America.

this time around however we have succeeded to get hai chu into some test markets and install turnover thus far is comparable to that in america


with the arrangement already well understood and Woodside already working with the support of the joint venture under a development delegation agreement.

with the arrangement already well understood and woodside already working with the support of the joint venture under the development delegation agreement


Thank you, Colin, and welcome to everyone on our call. For the first quarter of this year, I'm pleased to report strong financial results for our company.

thank you colin and welcome to everyone on our call for the first quarter of this year i'm pleased to report strong financial results for our company


subject to certain conditions, including the completion of the merger with Seventy Seven Energy and the repayment and termination of the Seventy Seven credit facility.

subject to certain conditions including the completion of the merger with 77 energy and the repayment and termination of the 77 credit facility


That said, because we report net interest margin on a tax-equivalent basis, our reported margin will decline 6 to 7 basis points

that said because we report net interest margin on a tax equivalent basis our reported margin will decline 6 to 7 basis points


which remains strong at 84%. In addition to overall rate, we are enhancing claim practices with an eye towards improving efficiencies and our customers' experience

which remains strong at 84% in addition to overall rate we are enhancing claim practices with an eye towards improving efficiencies and our customers' experience


for the way new homebuyers want to live and creating entire neighborhood that reinforce the sense of community. And we instill a commitment to construction standards that are best-in-class.

for the way new homebuyers want to live and creating entire neighborhoods that reinforce the sense of community and we instill a commitment to construction standards that are best in class


So all else being equal, if we had 2 equal opportunities and one was a little bit more -- one was international and one was domestic,

so all else being equal if we had 2 equal opportunities and one was a little bit more -- one was international and one was domestic


Right now, we are laser-focused on every single one of our locations and hitting the metrics that we're talking about, which is getting this

right now we are laser focused on every single one of our locations and hitting the metrics that we're talking about which is getting this


Most of the major overall of the company and the business plan is being taken care of during '15 and '16, and those are the years that we wanted to protect.

most of the major overall of the company and the bs plan is being taken care of during '15 and '16 and those are the years that we wanted to protect


And alongside these improvements to our processes, we are confident that this will deliver improved performance across the house.

and alongside these improvements to our processes we are confident that this will deliver improved performance across the house


Well, we're just trying to -- the branding, the rebranding of what used to be Commerce National Bank in the First Merchants is 2 years old at this point. And so

well we're just trying to -- the branding the rebranding of what used to be commerce national bank and the first merchants is 2 years old at this point and so


In the first half, we forecast operating earnings to grow by high single digits percent, driven by increased volume and favorable pricing.

in the first half we forecast operating earnings to grow by high single digits percent driven by increased volume and favorable pricing


Thank you. Good morning. I'd like to welcome you to the AVX conference call regarding the results for our second fiscal quarter that ended in September.

thank you good morning i'd like to welcome you to the abx conference call regarding the results for our second fiscal quarter that ended in september


acquisition of Maestro, movement into telemedicine with great success, and also, a very clear and strong and decisive act

acquisition of maestro movement into telemedicine with great success and also a very clear and strong and decisive act


facilitated the extension of our ABL in the fourth quarter and also helped provide the economic stability we now enjoy so that we can focus on the day-to-day management of our business.

facilitated the extension of our avl in the fourth quarter and also helped provide the economic stability we now enjoy so that we can focus on the day-to-day management of our business


As we've always said, deferred revenue was an imperfect growth predictor as it was impacted by a number of factors, including invoicing timing and billing terms. To provide more transparency

as we've always said deferred revenue was an imperfect growth predictor as it was impacted by a number of factors including invoicing timing and billing terms to provide more transparency


expected growth and strategies, key operating metrics and current business indicators, capital needs and deployment, liquidity, product offerings,

expected growth and strategies key operating metrics and current business indicators capital needs and deployment liquidity product offerings


We continue to have discussions with OEMs that come to us first because we are the global leader in natural gas technology development.

we continue to have discussions with oems that come to us first because we are the global leader in natural gas technology development


In China, we reduced spend on expensive promotion in the modern on-trade given the current low returns on these programs, mainly behind Johnnie Walker.

in china we reduced spend on expensive promotion in the modern on-trade given the current low returns on these programs mainly behind johnnie walker


due to higher prepayments, which did occur during this past quarter. More broadly, we have been reinvesting cash flow from our investment portfolio into securities with a marginally higher yield

due to higher prepayments which did occur during this past quarter more broadly we have been reinvesting cash flow from our investment portfolio into securities with a marginally higher yield


Thank you also to those -- those of you joining us on the webcast and specifically, so -- also all the Pioneer Foods colleagues joining us from the various operational units throughout the country.

thank you also to those of you joining us on the webcast and specifically so also all the pioneer foods colleagues joining us from the various operational units throughout the country


The only information not captured are the perceptions of the individual officer, which frankly can be more easily dictated to the video after the incident than being painstakingly typed on a keyboard.

the only information not captured are the perceptions of the individual officer which frankly can be more easily dictated to the video after the incident then being painstakingly typed on a keyboard


We look at our inventory every single day and just monitor every granular detail of what's going on, get feedback from our team. We feel good about our inventory position right now.

we look at our inventory every single day and just monitor every granular detail of what's going on get feedback from our team we feel good about our inventory position right now


It's also worth noting that the industry is not in a discounting mode. Pricing activity that we have seen at the shows is consistent with normal boat show promotion.

it's also worth noting that the industry is not in a discounting mode pricing activity that we have seen at the shows is consistent with normal boat show promotion